September 2014 Real Estate Market Report
and this is your video invitation to the Annual Cameron Chili Cookoff
Next, be in the know and find out what’s going on in the Real Estate Market. Watch my market report HERE
Hi its Jeff Cameron from Home Smart and the Cameron Team. Did you survive the Storm of the Century? Wow, that was crazy. Well I hope you are all safe.
Before we get to the numbers. I have a little issue, I sold all my listings. So if you know anyone looking to sell their home, or buy, I am available.
Let’s see what happened last month.
|Valley Wide||Scottsdale||McDowell Mtn||Tatum andBell|
|Available||19,214 +32%y -3%m||1,856 +30%||65 +81% -6%||23 +130% +2%|
|Pending||7,468 -18% -4%||490 -11% -5%||16 -41% -45%||8 -27% 0%|
|Closed||5,410 -9% -6%||362 -6% -9%||28 +12% +75%||6 -50% -25%|
|Sold||5,185 -2% 0%|
|New Listings||4,656 -32% -4%|
|PPSF||$121 +5% 0%||$203 +1% 0%||$227 +3% +2%||$135|
So what does this mean. First, with inventory between 3.5 and 3.75 months based on closing or new sales, depending on which way you look at it. That would be closer to a seller’s market or almost balanced.
Please take a look at my video on how Buyers are acting in today’s market. It is very interesting. Click HERE
Homes are selling. They need to be prepped and priced right to sell. Right now I am seeing buyers pay more than the cost for upgrades, which is highly unusual.
The market has been drifting lower. There are several reasons.
- Inventory has grown since last summer, doubling. But has now pulled back 10%
- Many new listings were priced way over their value.
- Buyers stepped back and became a self-fulfilling prophecy for lower prices.
- Homes priced right are selling quickly.
- About 80%+ homes sell within 30 days of their original list date or their last price reduction date.
- Homes are selling on average for 97-98% of list price.
There you have it. Call me if you have any questions, even if your not planning on buying or selling for some time. I want to be your Go to Guy with Real Estate Questions.
Jeff Cameron, HomeSmart, Jeff@TheCameronTeam.com 480-652-2004